$CCLD
CareCloud, Inc.

2014 Form 10-K Financial Statement

#000114420415019947 Filed on March 31, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013
Revenue $18.30M $2.980M $10.47M
YoY Change 74.77% 23.14% 4.73%
Cost Of Revenue $10.60M $1.090M $4.300M
YoY Change 146.51% 11.22% 0.0%
Gross Profit $7.700M $1.900M $6.200M
YoY Change 24.19% 32.87% 6.9%
Gross Profit Margin 42.07% 63.76% 59.2%
Selling, General & Admin $10.20M $1.270M $4.993M
YoY Change 104.22% 13.39% 6.23%
% of Gross Profit 132.41% 66.84% 80.53%
Research & Development $531.7K $100.0K $386.1K
YoY Change 37.7% 0.0% -3.47%
% of Gross Profit 6.9% 5.26% 6.23%
Depreciation & Amortization $260.5K $270.0K $233.4K
YoY Change 11.61% 50.0% -65.67%
% of Gross Profit 3.38% 14.21% 3.77%
Operating Expenses $22.34M $1.640M $10.60M
YoY Change 110.79% 17.14% 85.97%
Operating Profit -$4.041M $260.0K -$127.5K
YoY Change 3069.13% 766.67% -227.52%
Interest Expense -$300.0K -$50.00K $100.0K
YoY Change -400.0% 66.67% 0.0%
% of Operating Profit -19.23%
Other Income/Expense, Net -$134.7K -$10.00K $230.1K
YoY Change -158.53% -120.0%
Pretax Income -$4.333M $200.0K -$33.51K
YoY Change 12831.19% 233.33% -133.51%
Income Tax $176.5K $110.0K $144.5K
% Of Pretax Income 55.0%
Net Earnings -$4.509M $90.00K -$178.0K
YoY Change 2433.34% 50.0% -278.0%
Net Earnings / Revenue -24.64% 3.02% -1.7%
Basic Earnings Per Share -$0.64 -$0.03
Diluted Earnings Per Share -$0.64 $9.146K -$0.03
COMMON SHARES
Basic Shares Outstanding 7.085M shares 5.102M shares
Diluted Shares Outstanding 7.085M shares 5.102M shares

Balance Sheet

Concept 2014 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000M $500.0K $500.0K
YoY Change 100.0% 66.67%
Cash & Equivalents $497.9K
Short-Term Investments
Other Short-Term Assets $500.0K $165.0K $200.0K
YoY Change 150.0% -50.0%
Inventory
Prepaid Expenses $49.66K
Receivables $3.000M $1.009M $1.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.600M $1.788M $1.800M
YoY Change 155.56% 5.88%
LONG-TERM ASSETS
Property, Plant & Equipment $1.400M $505.3K $500.0K
YoY Change 180.0% 0.0%
Goodwill $344.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $1.601M $1.600M
YoY Change -93.75% 433.33%
Total Long-Term Assets $18.50M $3.985M $4.000M
YoY Change 362.5% 122.22%
TOTAL ASSETS
Total Short-Term Assets $4.600M $1.788M $1.800M
Total Long-Term Assets $18.50M $3.985M $4.000M
Total Assets $23.10M $5.773M $5.800M
YoY Change 298.28% 65.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M $200.5K $200.0K
YoY Change 450.0% 0.0%
Accrued Expenses $1.900M $422.4K $1.100M
YoY Change 72.73% 83.33%
Deferred Revenue
YoY Change
Short-Term Debt $1.700M $1.000M $1.000M
YoY Change 70.0% 66.67%
Long-Term Debt Due $600.0K $900.0K $900.0K
YoY Change -33.33% 28.57%
Total Short-Term Liabilities $8.100M $3.409M $3.400M
YoY Change 138.24% 54.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.600M $1.600M
YoY Change -100.0% 433.33%
Other Long-Term Liabilities $600.0K $600.0K $600.0K
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $600.0K $2.200M $2.200M
YoY Change -72.73% 144.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.100M $3.409M $3.400M
Total Long-Term Liabilities $600.0K $2.200M $2.200M
Total Liabilities $8.800M $5.654M $5.700M
YoY Change 54.39% 83.87%
SHAREHOLDERS EQUITY
Retained Earnings $49.12K
YoY Change
Common Stock $256.7K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.30M $118.5K $100.0K
YoY Change
Total Liabilities & Shareholders Equity $23.10M $5.773M $5.800M
YoY Change 298.28% 65.71%

Cashflow Statement

Concept 2014 2013 Q4 2013
OPERATING ACTIVITIES
Net Income -$4.509M $90.00K -$178.0K
YoY Change 2433.34% 50.0% -278.0%
Depreciation, Depletion And Amortization $260.5K $270.0K $233.4K
YoY Change 11.61% 50.0% -65.67%
Cash From Operating Activities -$2.700M $310.0K $930.0K
YoY Change -390.32% 416.67% 66.07%
INVESTING ACTIVITIES
Capital Expenditures -$1.120M -$120.0K -$290.0K
YoY Change 286.21% 100.0% 93.33%
Acquisitions $11.54M $275.0K
YoY Change 4095.14%
Other Investing Activities -$11.54M -$60.00K -$420.0K
YoY Change 2647.62% -700.0% 110.0%
Cash From Investing Activities -$12.65M -$180.0K -$710.0K
YoY Change 1681.69% 260.0% 97.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$17.17M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.88M -770.0K 30.00K
YoY Change 52833.33% 140.63% -109.09%
NET CHANGE
Cash From Operating Activities -2.700M 310.0K 930.0K
Cash From Investing Activities -12.65M -180.0K -710.0K
Cash From Financing Activities 15.88M -770.0K 30.00K
Net Change In Cash 530.0K -640.0K 250.0K
YoY Change 112.0% 106.45% -292.31%
FREE CASH FLOW
Cash From Operating Activities -$2.700M $310.0K $930.0K
Capital Expenditures -$1.120M -$120.0K -$290.0K
Free Cash Flow -$1.580M $430.0K $1.220M
YoY Change -229.51% 258.33% 71.83%

Facts In Submission

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CY2014 us-gaap Foreign Currency Transaction Gain Loss Realized
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CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2014 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2014 us-gaap Stock Issued During Period Value Acquisitions
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CY2014 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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258878 USD
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CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2014 us-gaap Increase Decrease In Deferred Income Taxes
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CY2013 mtbc Provision For Recovery Of Doubtful Accounts
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CY2014 us-gaap Increase Decrease In Accounts Receivable
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CY2014 us-gaap Increase Decrease In Other Operating Assets
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CY2013 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
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CY2014 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
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CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2013 us-gaap Payments To Acquire Productive Assets
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CY2014 us-gaap Payments To Acquire Productive Assets
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CY2013 us-gaap Payments To Fund Longterm Loans To Related Parties
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381721 USD
CY2014 us-gaap Payments To Fund Longterm Loans To Related Parties
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2494 USD
CY2013 us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
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227721 USD
CY2014 us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
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2494 USD
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275000 USD
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CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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1000000 USD
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165000 USD
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CY2013 us-gaap Proceeds From Lines Of Credit
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CY2014 us-gaap Proceeds From Lines Of Credit
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500000 USD
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0 USD
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CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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24916 USD
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
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229621 USD
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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550716 USD
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268323 USD
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CY2014 dei Trading Symbol
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MTBC
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CY2014 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
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0 USD
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CY2014 us-gaap Stock Issued1
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0 USD
CY2014 us-gaap Debt Conversion Original Debt Amount1
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587835 USD
CY2013 mtbc Noncash Or Part Noncash Finance Lease
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CY2014 us-gaap Proceeds From Sale Of Other Assets1
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CY2014 mtbc Contingently Shares Issued
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CY2014 mtbc Noncash Or Part Noncash Finance Lease
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CY2013 mtbc Noncash Or Part Noncash Acquisition Of Prepaid Insurance
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0 USD
CY2014 mtbc Noncash Or Part Noncash Acquisition Of Prepaid Insurance
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CY2013 mtbc Noncash Or Part Noncash Initial Public Offering Related Costs
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430125 USD
CY2014 mtbc Noncash Or Part Noncash Initial Public Offering Related Costs
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CY2014 dei Document Type
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false
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2014-12-31
CY2014 dei Document Fiscal Year Focus
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2014
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FY
CY2014 dei Entity Registrant Name
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MEDICAL TRANSCRIPTION BILLING, CORP
CY2014Q2 us-gaap Stockholders Equity Reverse Stock Split
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0.05 pure
CY2014 dei Entity Central Index Key
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0001582982
CY2014 dei Current Fiscal Year End Date
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--12-31
CY2014 dei Entity Well Known Seasoned Issuer
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No
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2626323 USD
CY2013Q4 us-gaap Preferred Stock Value
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0 USD
CY2014 dei Entity Voluntary Filers
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No
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0 USD
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13001 USD
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0.03 pure
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt">Use of Estimates</font></strong> <font style="FONT-SIZE: 10pt">&#151; The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by management include, but are not limited to: (1) revenue recognition; (2) asset impairments; (3) depreciable lives of assets; (4) allowance for doubtful accounts; and (5) fair value of identifiable purchased tangible and intangible assets, including determination of expected customer life. Actual results could significantly differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2013 us-gaap Advertising Expense
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CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2013 us-gaap Current Federal Tax Expense Benefit
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CY2013 us-gaap Deferred Income Tax Expense Benefit
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106988 USD
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CY2013 us-gaap Finite Lived Intangible Assets Purchase Accounting Adjustments
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CY2014 us-gaap Finite Lived Intangible Assets Purchase Accounting Adjustments
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CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2013Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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0 USD
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295310 USD
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4302909 USD
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CY2014 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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41714 USD
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CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense
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12198 USD
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CY2013 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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5967 USD
CY2014 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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3845 USD
CY2013 mtbc Income Tax Reconciliation Deferred True Up
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12210 USD
CY2014 mtbc Income Tax Reconciliation Deferred True Up
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-87500 USD
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82052 USD
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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1819971 USD
CY2013 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
1741 USD
CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
34 USD
CY2013Q4 us-gaap Deferred Tax Assets Unrealized Currency Losses
DeferredTaxAssetsUnrealizedCurrencyLosses
115124 USD
CY2014Q4 us-gaap Deferred Tax Assets Unrealized Currency Losses
DeferredTaxAssetsUnrealizedCurrencyLosses
78768 USD
CY2013 mtbc Acquisition Of Acquired Businesses Intangible Assets
AcquisitionOfAcquiredBusinessesIntangibleAssets
1156000 USD
CY2014 mtbc Acquisition Of Acquired Businesses Intangible Assets
AcquisitionOfAcquiredBusinessesIntangibleAssets
9150000 USD
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2014 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-40000 USD
CY2014 mtbc Operating Loss Carry Forwards Expiration Periods
OperatingLossCarryForwardsExpirationPeriods
2034
CY2013 us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
0 USD
CY2014 us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
1601677 USD
CY2014 mtbc Business Combination Contingent Consideration Liability Fair Value Reduction
BusinessCombinationContingentConsiderationLiabilityFairValueReduction
1800000 USD
CY2014 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
1100000 USD
CY2014Q4 mtbc Business Combination Amount Of Goodwill Acquired
BusinessCombinationAmountOfGoodwillAcquired
8216336 USD
CY2014Q4 mtbc Business Acquisition Cost Of Acquired Entity Purchase Price1
BusinessAcquisitionCostOfAcquiredEntityPurchasePrice1
17400000 USD
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
120337 USD

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